President puts forward 2 more nominees for Fed board

Lloyd Doyle
April 17, 2018

The nominees are Richard Clarida, a Columbia University economist and global strategic advisor at bond giant Pimco who was tapped for vice chair, and Michelle Bowman, Kansas bank commissioner, who the president picked for an open governor's spot.

The vice chair job, which was vacant since Stanley Fischer stepped down in October previous year, was considered as one of the most influential positions in the central bank alongside the chair and the president of the New York Fed. He also selected Randal Quarles to be vice chairman for bank supervision. That means the Fed can most likely move ahead with additional planned interest-rate hikes this year (https://www.wsj.com/articles/kashkari-says-fiscal-stimulus-supports-feds-rate-raising-plans-1523871001), he said in an interview with the Wall Street Journal published early Monday.

But also warned in December that investors may be "a little too relaxed" about the threat of higher inflation.


The United States Federal Reserve Board building is shown in Washington October 28, 2014.

Before the local bank regulator job, Bowman served as the vice president of the Farmers and Drovers Bank in Kansas, a local bank owned by her family. The U.S. Senate must confirm the appointment before it becomes official.

The country's smaller banks have complained frequently that the Fed's rules have become burdensome and too strict for institutions that pride themselves on knowing their customers - and their credit risks - in detail. The position is reserved by Congress for a community banker or a regulator of community banks.

Other reports by Iphone Fresh

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